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Cushman & Wakefield Secures $8.9M Refinance Loan For South Plainfield Industrial Outdoor Storage

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FINANCED
$8,900,000
Chris Meloni
TJ Sullivan
Chuck Kohaut
+ 1

New Jersey

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Industrial11,500 SF
Financed 11/13/2023
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Property Image
FINANCED

Cushman & Wakefield Secures $8.9M Refinance Loan For South Plainfield Industrial Outdoor Storage

456 Hollywood Avenue

See Similar Deals
Industrial11,500 SF
Financed 11/13/2023
Chris Meloni
TJ Sullivan
Chuck Kohaut
+ 1
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$773
Total Square Footage:11,500 SF
Transaction Type:Loan

Cushman & Wakefield has successfully arranged an $8.9 million refinancing deal for a 3.9-acre industrial outdoor storage site in South Plainfield. The property, located at 456 Hollywood Avenue, is leased to EquipmentShare. The loan was secured through Lakeland Bank on behalf of the borrower, Marcus Partners.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $8,900,000
  • Address: 456 Hollywood Avenue, South Plainfield
  • Square Footage: 11,500 SF
  • Market: South Plainfield

The deal involved several key individuals and companies. Marcus Partners, represented by Paul Marcus, serves as the landlord of the industrial property. The brokers who facilitated the transaction were Chris Meloni, Chuck Kohaut, John Alascio, and TJ Sullivan from Cushman & Wakefield.

Players

John Alascio
Cushman & Wakefield
John Alascio
56 deals$5.3B volume
BROKER
Chuck Kohaut
Cushman & Wakefield
Chuck Kohaut
41 deals$3.3B volume
BROKER
TJ Sullivan
Cushman & Wakefield
TJ Sullivan
38 deals$3.1B volume
BROKER
Chris Meloni
Cushman & Wakefield
Chris Meloni
6 deals$556.3M volume(202) 368-9546
BROKER
Lakeland Bank
Lakeland Bank
LENDER

Details

FINANCED
IMAGE: Paul Marcus, Chris Meloni, Chuck Kohaut, John Alascio & TJ Sullivan DATE: 11/13/2023 ADDRESS: 456 Hollywood Avenue MARKET: South Plainfield ASSET TYPE: Industrial ~ SF: 11,500 ~ ACRES: 3.9 LENDER: Lakeland Bank (@LakelandBank) LANDLORD: Marcus Partners - Paul Marcus & Ridgecut Road - Eric Shalek & Scott Shalek BROKERS: Chris Meloni, Chuck Kohaut, John Alascio & TJ Sullivan - Cushman & Wakefield (@CushWake) LOAN AMOUNT: $8,900,000 LOAN TYPE: Refinance NOTE: Cushman & Wakefield secured an $8.9 million refinancing deal for a 3.9-acre industrial outdoor storage site in South Plainfield, leased to EquipmentShare. The financing was arranged through Lakeland Bank for the borrower, Marcus Partners.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$8,900,000.00

Monthly NOI$59,333.33
Monthly Debt Service$56,254.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00